Ghana’s Damang Mine Decision Paves Way for Local Investment in Mining Sector – Isaac Tandoh
The Ghanaian government’s decision not to extend the mining lease for the Damang Gold Mine has been positioned as a strategic move to reshape the country’s approach to natural resource management. Isaac Andrews Tandoh, Deputy CEO of the Minerals Commission, emphasized that this decision represents a pivotal opportunity for Ghana to reclaim control over its mineral wealth and ensure that the benefits of mining are more equitably distributed. He framed the moment as a call to action, rather than a crisis, calling for a rebalancing of the system in favor of the state and local communities.
Tandoh’s remarks align with recent critiques by former Chief Justice Sophia Akuffo, who has described many of Ghana’s existing mining agreements as “neo-colonial.” She and others are advocating for a sweeping reform of mining legislation to reflect a new era of resource sovereignty across Africa. Referencing Burkina Faso’s nationalization of gold operations, Tandoh warned that Ghana risks being left behind unless it also prioritizes national interests over foreign dominance in the extractive sector.
To guide Ghana forward, Tandoh proposed a three-point plan: first, that Ghanaian-led bids be prioritized in any reassignment of mining leases; second, a freeze on new large-scale foreign contracts until a full review of Act 703 and existing deals is complete; and third, the establishment of a Ghana Minerals Sovereignty Fund to channel mining profits into infrastructure, education, and healthcare in affected communities. These steps, he argued, would foster long-term development and empower responsible local investors.
While the Damang decision may raise concerns among foreign investors, Tandoh and other officials insist the priority must be aligning mining operations with national goals. By promoting local participation and strategic partnerships with Ghanaian entrepreneurs, the country aims to ensure its natural resources serve the broader public good. As Tandoh concluded, this moment is a chance for Ghana to rise with renewed purpose and claim its rightful share of the wealth beneath its soil.
Source: citi newsroom